China Merchants Securities reports profit growth despite operating cash flow decline

For the nine months ended September 30, 2025, China Merchants Securities reported an operating revenue of RMB18,243,581,542.77, marking a 27.76% increase from the previous year. Total profit grew by 31.95% to RMB9,975,937,479.16, while net profit attributable to shareholders rose by 24.08% to RMB8,871,429,271.43. Basic and diluted earnings per share for the period were RMB0.97, an increase of 25.97% year-on-year.

The company's net cash flows from operating activities, however, experienced a significant decrease of 121.38%, totaling RMB-16,335,418,825.86, primarily due to reduced net cash inflows from advances to customers and agency trading. Total assets increased by 3.39% to RMB745,632,156,428.66, and owners' equity attributable to shareholders grew by 3.42% to RMB134,636,231,051.01 compared to the end of last year.

The increase in total profit was mainly driven by higher income from brokerage business and proprietary business. Net fee and commission income rose by 63.49% to RMB8,264,240,261.19. Investment gains also saw a substantial increase of 91.38% to RMB9,675,567,331.09, attributed to investments in financial instruments.